Oil gains as West Asian tensions flare, Libya field shut

Singapore/Tokyo: Oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in West Asia and after Libya reported the shut down of its largest oil field.

Brent crude futures climbed 85 cents, or 1.4%, at$63.32 a barrel by 0404 GMT. The international benchmark rose by $1 earlier. West Texas Intermediate (WTI) crude futures were up 47 cents, or 0.8%, at $56.10 a barrel.

WTI fell over 7% and Brent fell more than 6% last week.